Credit scores are more than just numbers. They are a vital tool for obtaining access to credit — such as a credit card, mortgage or auto loan — and reaching financial milestones.
People who have good credit typically receive more favorable lending terms and interest rates that make it easier to borrow money.
But a recent study of credit-active consumers in TransUnion’s database revealed that 43 percent of millennials — ages 18 to 36 — have subprime credit, carrying a VantageScore of 600 or lower, compared to only 30 percent of all credit-active adults. That means almost half of millennials will likely struggle to buy a home or car, or even open a credit card.
